Qiming Venture Partners Exclusively Leads Medway Medical's Series C Financing
a leading player in China's disposable endoscope market
Qiming Venture Partners portfolio company Shenzhen Hongji Medical Technology Development Co., Ltd. ("Hongji Medical") has successfully completed its Series C and C+ funding rounds, with total proceeds reaching several hundred million RMB. Qiming Venture Partners, an existing shareholder, was the sole investor in the Series C round.
Founded in 2014, Hongji Medical has established itself as a leading player in the single-use endoscopy industry, built on a foundation of 110+ core patents, 80+ product models, 140+ global medical device licenses, sales channels spanning 100+ countries and regions, and in-house production of over 90% of components. The company has developed a synergistic, dynamic growth model that uses clinical and market foresight to drive product iteration, standardized processes to strengthen quality systems, and clinical feedback loops for continuous product improvement. As global demand for urolithiasis diagnosis and treatment grows alongside stricter hospital infection control requirements, the single-use digital flexible ureteroscope market is expanding rapidly — though product homogenization is becoming increasingly apparent. Against this backdrop, Hongji Medical has remained committed to clinically driven technological advancement. Since entering this segment in 2018, the company has continuously advanced R&D in areas including miniaturization, temperature and pressure control, and AI-assisted diagnosis, establishing itself as a frontrunner in this specialized field.
According to Frost & Sullivan data, the global medical endoscopy market is projected to grow at a 6.7% CAGR from 2025 to 2030, reaching $39.6 billion by 2030. Single-use endoscopes represent one of the fastest-growing subsegments, with their combined advantages in infection control, operational efficiency, and maintenance costs continuously expanding clinical applications. As a domestic leader in single-use endoscopy, Hongji Medical Chairman Jifan Hu stated: "Through the integration, refinement, and even reinvention of imaging technology and surgical instruments, we aim to transform endoscopes — expensive medical devices that have long relied heavily on imports — into affordable products, fulfilling our vision of 'grand ambition to heal the world.'" With years of deep expertise in endoscopy, Hongji Medical has contributed to the development of industry standards for medical endoscope camera systems and serves as an important participant and driver of domestic single-use endoscope technology development. Its products now cover multiple departments including airway management, emergency medicine, ICU, respiratory, urology, gastroenterology, and gynecology, helping bring minimally invasive diagnosis and treatment to more clinical settings.
After more than a decade of sustained investment, Hongji Medical has maintained its commitment to independent R&D and manufacturing, accumulating over 110 patents and building more than 20,000 square meters of R&D and production facilities. With over 90% of components produced in-house, the company has established significant advantages in cost control and quality stability.
As one of the earlier companies to expand internationally, Hongji Medical has secured over 100 overseas regulatory certifications and established a comprehensive global distribution network, gradually forming a closed-loop globalization strategy spanning "products — certifications — channels — brand," becoming a model for Chinese high-end medical devices going global.
Jifan Hu stated: "The successful completion of these two consecutive funding rounds reflects the global investment community's strong recognition of Hongji Medical's growth potential, and provides solid support for our continued deep engagement in the minimally invasive endoscopy field. Going forward, we will further increase investment in core technology R&D, new product promotion, and scaled production capacity, continuously enhancing our overall competitiveness and brand influence, accelerating our globalization strategy, and bringing more quality medical resources to the world."
The Series C round was led solely by existing shareholder Qiming Venture Partners; the Series C+ round was led by Harvest Capital, with Xiamen C&D and Sunshine Insurance participating as co-investors.
Previously
Qiming Weekly | Top 10 News from Qiming Venture Partners Portfolio Companies Vol. 10, March 24, 2026
Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management of $9.5 billion. Since inception, the firm has focused on investing in outstanding early- and growth-stage companies in Technology and Healthcare.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies, of which more than 210 have listed on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. Over 80 portfolio companies have become recognized unicorns or super-unicorns.
Many Qiming Venture Partners portfolio companies have grown into the most influential companies in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), Hesai Technology (NASDAQ:HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ:WRD, 0800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Biren Technology (06082.HK), Zhipu (02513.HK), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ:ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ:SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), GenScript ProBio (688520.SH), Insilico Medicine (03696.HK), HEC Pharm, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, and others.